The Senate introduced the newest version of marijuana legislation, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, in September 2023. As outlined in this post, the SAFER Banking Act would require uniform guidance and examination procedures, updated guidance for hemp-related businesses, language discouraging FIs from denying CRBs service based on “personal beliefs or political motivations," and more. The SAFER Banking Act is awaiting further action in the Senate before going back to the House for another vote. This blog covers the ramifications of the legislation and tips for bankers looking to explore the marijuana-related business space.
Check fraud is one of the more common methods of stealing funds from consumers and businesses. Losses from check fraud total $18 billion annually, representing more than a million checks daily. In this post, read about red flags identified by FinCEN and the United States Postal Inspection Service to help financial institutions detect, prevent, and report suspicious activity connected to mail-related check fraud.
FinCrime professionals have been on high alert for new regulations since the Anti-Money Laundering Act of 2020 (AMLA) was signed into law, but updates have been slow to arrive. One critical aspect of the AMLA did make progress toward the end of 2022: the Corporate Transparency Act (CTA). The CTA mandates the creation of a public database for obtaining and holding beneficial ownership information (BOI) for certain U.S. entities. This post by Abrigo Director of Compliance and Engagement Terri Luttrell, CAMS-Audit CFCS, explains the CTA updates, predictions for the next rulemaking, and key provisions of the regulations.
Determining where to start can be difficult if you are a new BSA Officer creating a risk assessment from scratch. An institution must understand its risk profile to create a risk-based AML/CFT program using guidance from the Federal Financial Institutions Examination Council (FFIEC). This post by Kevin Gulledge, CAMS, and Terri Luttrell walks readers through effective steps to creating or updating your AML/CFT risk assessment.
Financial institutions have been facing a massive spike in check fraud, whether through the alteration of checks with new technology or old-school tactics like money mule scams. Walkers are witting money mules recruited by criminals to deposit compromised/stolen checks in person. Read this post to learn about how criminals are specifically recruiting and targeting elderly, disabled, and homeless individuals for these money mule scams and what you can do to stop it.